Jio Platforms IPO draws heavy demand in India’s largest share sale
publishers 45articles 85first reported 14 Oct, 16:00 UTCdeveloping since 14 Oct · 17 editions
Jio Platforms’ $3.2 billion initial public offering was subscribed more than four times by its second day, after strong demand from institutional and retail investors, according to exchange data cited by The Hindu.
Investors had bid for 953.3 million shares by Thursday, compared with 197.5 million on offer. The retail portion was subscribed 1.44 times, qualified institutional buyers 11.41 times and non-institutional investors 5.18 times. The three-day offering, which opened Wednesday, is due to close Friday.
The Reliance Industries-owned telecoms and digital-services company is offering 270 million new shares at 1,065 to 1,119 rupees each. At the top of that range, Jio would raise about 302 billion rupees and be valued at roughly 10.3 trillion rupees, or $108 billion.
Demand was also strong before public bidding began. Jio allocated about 81.1 billion rupees of shares to 212 anchor investors at 1,119 rupees each. CNBC reported that the anchor book attracted bids worth about 2.5 trillion rupees, more than 30 times the available allocation. Participants included BlackRock, GIC, Fidelity Investments, JPMorgan Asset Management, the Abu Dhabi Investment Authority and India’s Life Insurance Corporation.
Jio, led by Akash Ambani, operates mobile, broadband, cloud, entertainment and other digital businesses and has more than 500 million subscribers. The shares are expected to begin trading on October 28.
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Written from 8 articles, 7 with the publisher's own text; 8 independent newsrooms once syndicated copies count as one; this version written 212 h after the record first saw the story; the editor kept it as written.
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